How Mobility is Transforming Financial Services?

Financial organizations have come a long way over the decades from providing traditional banking services to becoming mobile banking solution providers. In the primitive days when there were no gadgets like mobile phones, the financial industry operated in a completely different manner. Financial institutions faced many hardships in building a strong bond with their consumers. Ultimately, they also found it difficult to get feedback from them. The customers of these financial institutions could only obtain the information regarding their transactions upon meeting the executives. This resulted in a communication gap and ultimately affects the financial savings of the customers of these financial institutions. 

Mobility Solutions 

The financial sector reaped rich benefits from the introduction of mobility solutions as it helped eliminate the traditional working methods. The style of working changed for the industry and financial institutions operated seamlessly with the help of these solutions. The mobility solutions have not only increased the speed of the entire process but also helped banks stay connected to their customers. Banks are now able to fulfill the expectations of their customers and experience a boost in productivity through automation instead of manual tasks. This helped financial organizations to offer mobile services to their customers and operate in the comfort of their homes. Increased mobile and internet penetration in the country has also provided a boost for mobility solutions in the banking industry.

Transforming Ideas 

Financial organizations have turned to mobile banking app providers as mobility transforms ideas. Banks are loving the idea of crowdsourcing or crowdfunding platforms that help raise funds for startups as well as real estate investments. Blockchain technology is further bringing about an evolution in transforming the payment industry across the globe through real-time transactions. People are relying more on banks for affordable financial services globally as borderless connectivity has made everything easy. One can easily access advanced tech-powered solutions nowadays. All these elements of ideas are the latest technological developments that are paving the way for future financial services. 

Connected Mobile Technology 

Another factor that shapes the concept of mobility for the financial industry is mobile technology. Mobility of technology has a crucial role in determining the way people will make use of mobile banking services or products or consume relevant information. One can choose the time, place, and manner of connecting with the people through his or her mobile device. Consequently, one will remain updated regarding the momentary developments and will be able to perform multiple tasks in the touch of a few clicks according to his or her comfort. Furthermore, mobile technology has allowed banks to reach out to their customers at any point in time and through the gateways that their customers prefer. 

Digital Payments 

Mobile banking has emerged as one of the promising developments in the financial industry within the last few years. One can now make digital payments on-the-go as banks continue to offer digital banking services or products to their customers. This has transformed the behavior of customers largely along with their habits. People are gradually adopting new ways of payment that are giving rise to the need for new marketing strategies. These services are safe, secure and help banks gain the confidence & trust of their customers. The cross-border payments through these services are not only efficient but also proving low-cost. Moreover, the customers of each of the banks utilizing these digital banking products, apps, or services can obtain any relevant information regarding their digital transactions through this method. 

To Conclude 

The world is moving ahead and so is financial technology, at a greater pace. Banks need to consider the benefits of products like FinMOBICONNECT that not only help boost productivity but also enhance customer satisfaction. One may request a demo of the product to get an insight before making the final call. 

5 Ways to Improve Security of Mobile Banking Apps

The development of applications has come in handy for people. Now, they do not have to carry hard cash while going out. Unlike a decade ago where social crimes like snatching and looting a person of his/her money were prevalent, people have now taken a sigh of relief. In addition to this, there are several other advantages of using mobile banking services. The technology has offered quick and easy access to all the different kinds of banking services- right from over-the-counter payment with the help of QR code or UPI code to checking and transferring money from one account to another.

If you are a regular user of mobile banking, then you would perhaps know that this platform is more than just payment and money transfer. The various present mobile banking app providers have ensured that the users get a 360⁰ financial solution with these apps. Therefore, they have included almost everything- bill payment to booking- just at the reach of a fingertip.

Matter of Concern

Despite being loaded with so many features and facilities, mobile banking services are used by less than 66% of the people in the country. Experts and various mobile banking solution providers have raised their brows on the poor adoption rate. On thorough research, it was found that people do not feel this application to be safe. They feel that through these applications, they might be robbed or cheated of their hard-earned money. But the matter of fact is, with every pro there would be a con.

According to one of the professionals who are into the research and development of mobile banking applications, every application is safe until the user shows a lackadaisical behaviour. Every coin has two facets. In the same way, technology too has. The following are some of the ways by which mobile banking apps can be used safely and securely.

Few Ways to Improve Security of Mobile Banking Apps

  1. Switch to Multi-factor Authentication

This is considered as one of the best and must activate features to ensure security to the mobile banking applications. The mobile banking app providers have included this feature to enable users to cross verify the authenticity of the login. This is a two-step authentication feature where you would have to enter not only OTP but also verify biometrically that ‘it is you’. Failing to do either of these would not allow entry into the dashboard.

  1. NFC-embedded SIM Cards

If you are sceptical about carrying cards with you, then you can opt for an NFC-embedded SIM card. This card allows the user to download all information, securely, to his/her Near Field Communication (NFC) SIM card. This feature lessens the chances of financial details and card information getting compromised.

  1. End-to-End Encryption

You might have come across this term on various social chatting platforms. This is equally valid in mobile banking platforms as well. In this particular technology hack, the information sent from the sender is codified and is decoded only at the receiver’s end. Hence, the chances of information getting leaked are less.

  1. Enabling Real-Time Notifications

If you have noticed, then you would perhaps know that the bank sends a notification alert SMS to your registered mobile number even if ₹1 is debited from your account. Ensure that this feature is activated on your phone and from the bank’s side. This will help you get instant notification of any transaction- suspicious or genuine.

  1. Change Password Frequently

According to the mobile banking solution providers, people ignore the importance of changing passwords after a certain period. In addition to this, in order to make sure that they do not forget the password, they refrain themselves from setting up tough passwords. However, it is recommended to change password every 3 month and should have a combination of special characters, alphabets, and numbers- minimum 10 characters long. Stronger the password, lesser are the chances of getting things traced.

Conclusion

As a user of these mobile banking services and applications, it is our duty to be aware and alert to these circumstances. We must not forget that if we use things cautiously, no information will be leaked. Ask for the professionals or concerned authority to know more about safeguarding your vital information. Please call Finacus for a quick demo. 

5 Valuable Advantages of Investing in Mobile Banking

The potential of the mobile banking industry is increasing rapidly. With smartphones becoming a staple, mobile banking is what most people prefer. Businesses and individuals enjoy the convenience of mobile banking and are open to more advancement in the field. This has made mobile banking apps one of the most critical drivers of banks. If you have not launched your mobile banking app you are a lot behind in the banking sector. If you are pondering the reasons, here are 5 advantages of investing in mobile banking apps today. The benefits of mobile banking solutions to customers are crystal clear but here are some distinct benefits of mobile banking to banks.  

Reduces bank’s expenses

Mobile banking on the whole boosts efficiency of the bank in the bigger picture. It does so by reducing the use of paper and going paperless, curbing the cost of printing, reducing the labor population, and more. Mobile banking also opens the opportunity to reduce costs by offering a service that’s ten times much cheaper compared to ATM transactions. Mobile banking makes the processing of transactions easier than in a conventional setting thus significantly improving the efficiency of the bank. Recent research has shown that the cost of mobile transactions may lower by 50 times than bank transactions in the future. Requires less staff to serve customers and smaller branch premises thereby reducing salary and rent expenses.

Monumental return of investment

 A recent study shows that mobile banking significantly enhances customer engagement and thus drives ROI in various ways. The ultimate point is that mobile banking services improve customer quality service. The gamut of features is not just reserved for checking balance or fund transfer but people can buy DD, Pay Order, Open and Close FDs, tickets, products, pay bills, and more. By offering various services in daily life makes mobile banking an inseparable part of life. This in turn builds loyalty and trust. The maximized use has paved the way for the company to increase income and reduce expenses by 15%.

Better customer experience

24/7 services and customization helps in increasing the quality of banking services and construct the trust of users. One of the primary benefits of mobile apps for banking is that the customers are not restricted to the bank’s working hours and ATM availability. Customers use mobile banking systems for the crucial reason that they have complete control of fund movement in their accounts, keep an eye on its safety, and employ the information services at any point in time. When personal transactions become manageable, it is easy to improve the overall customer experience.

Easy Communication

Mobile banking leads to an easy way to communicate with customers by providing information at regular intervals. Banks can push notifications, advertisements, change of policies, rules for customers.

Security

Mobile banking security is the most crucial indicator of efficiency for the customer. Banks go the extra mile and use additional hardware to maintain maximum protection. The extra hardware includes fingerprint scanning, retina, as (two-factor authentication), and traditional passwords. This end to end encryption helps the banks to protect customer information from both ends.

Analytics to solve tasks

Through mobile banking apps, the banks can better understand the customers and provide what they require. By conducting surveys and analyzing customer action patterns, the banks can make better products and ultimately increase revenue. Banks can continuously add new features, products to make customers’ lives easier.

Mobile Banking Solution

As mobile banking has helped banks process 80 – 90% regular transactions without visiting regular branches. It may help reduce staff or use them for other important work for higher productivity. Mobile banking solution from Finacus is one such app that helps in experiencing all the above-mentioned advantages. The FinMOBICONNECT is an all-in-one mobile banking solution with an interoperable facility. It helps in achieving the following benefits

  • Customer Engagement
  • Easy, Convenient, Secure
  • Anywhere, Anytime

Bottom line

If you haven’t adopted the mobile platform for your bank, it is high time you make a wise decision. Finacus offers the best mobile banking solution with multi-pronged benefits. Get your demo today from our professional executives.

Mobile Banking Trends in 2021

The mobile phone is becoming the most important channel not only in personal life but in the field of consumer banking. The days when people handled financial transactions at the local branch are the relics of the bygone age. The automated banking trends started with the multiplication of the ATMs and online banking while the trend has taken off with the development of mobile banking. Millions of people look towards their smartphones to satisfy their banking needs. Here are some mobile trends that financial institutions should keep an eye on in 2021.The unprecedented growth in mobile banking has affected a leading banks as they found it difficult to match the load on their mobile banking app.

What is mobile banking?

Mobile banking is the method of carrying out financial & non financial transactions on a mobile device which can be your phone or a tablet via an application offered by either a bank or financial institution. The mobile transactions include fund transfer through IMPS, RTGS, NEFT, opening & closing of FD/RD, account statements, download interest TDS certificate. Ask for new credit & debit cards, forex cards, and almost all transactions.

More Biometrics

Multi-factor authentication is growing to be the standard for security, especially in financial institutions. The power of smartphones to recognize biometric data such as fingerprint scans and facial recognition will rise to be more sophisticated for better protection against fraud. The biometric also makes mobile banking apps more intuitive and facile. Again, this trend may be led by a generational shift as 62% of Gen Z feels convenient using biometrics for identification. And, when taking into account that biometric data is highly reliable in verifying ID, coupled with mobile based OTP gives additional security/authenticity to become a mobile aspect in 2021 as well. 

Chatbot assistance and voice transaction

The QR code scanning feature has made in-store and online transactions facile and simple as the users needn’t do anything more than scanning the code on their banking app. In addition to this, the use of voice assistance is skyrocketing as it is seen as a simple way of connecting various devices and smartphones. Soon fund transfer may also happen with the help of voice assistants. A chatbot is another latest technology that has become an important part of the mobile banking apps. The Chatbot provided round the clock customer service without waiting for an executive. 

Machine Learning and Chatbots

As the population using mobile banking apps increases day by day, financial institutions and banks can gain more data about the usage of the services and use the collected information to enhance the overall customer experience. The ML algorithms can be used to boost bots that aid direct people to the services that will give a solution to their current needs. Paired with voice technology, ML is bound to make the future of mobile banking more responsive, user friendly, and consumer-focused.

Automation and Personalization

People have started paying bills online via apps, online investments in shares, mutual fund, ELSS, NPs & other investments, loan application & approvals. and some have started the use of automated features for automatic bill payments. One expects the automation trend to go beyond bill payments and be used for other services, such as helping customers to save money.

Mobile banking solution

Finacus is one of the leading mobile banking app solutions providers in India. We help the banks to retain & add new customers by providing innovative solutions focused on consumer needs. Our mobile payment transaction software FinMOBICONNECT, along with the mobile banking solution offers an interoperable facility for banks. The key benefits of our Mobile Banking Solution are

• Customer engagement

• Easy, Convenient, Secure

• Anywhere, Anytime access

Bottom line

The mobile banking solution is going to rule the banking sector in the near future, it is time for banks and financial institutions to shift to robust banking solutions from Finacus. Kindly contact us for a free demo.

How Mobile Apps Are Transforming The Banking Sector?

The number of visits to the bank in a month has reduced drastically and all the credit goes to digital banking. With the tremendous advancement of technology, banking has also transformed and it has become a hassle-free process. The more modern take on traditional banking is mobile banking apps. They are built in accordance with the latest trends and make banking a hassle-free process. The mobile banks have evolved banking from going paperless to making ultrafast transactions. Let us walk through some of the tumultuous breakthroughs triggered by mobile banking services.

mobile banking services

Cashless payment

According to the report of the world payments, the non-cash transaction of the globe grew by 10.1 percent to reach 482.6 billion and it is expected to grow to a CAGR of 12.7% throughout 2020. With the rise of cashless payment, mobile banking apps are skilled adaptors of the game. Non-banking applications are also providing a cashless payments facility. The growth in Peer-to-Peer payments is also seeing tremendous growth in which the customers can send or receive money directly via the application.

 Secured accounts

The advancement in technology has brought its threat such as users’ accounts hacking and fraud. These problems can be put to an end with dedicated mobile apps. The mobile banking solutions are enabled with advanced security features such as fingerprint scanning and face recognition. In addition to the regular sign-up options, voice security is introduced in the mix. Frauds and fishy activities can be detected easily with the aid of artificial intelligence. AI helps in deducing the patterns regarding any suspicious activity in real-time and it also forecasts how the behavior will affect the future. Biometric authentication has replaced multi-factor authentication as it is thought to be time-consuming.

Chatbot assistance and voice transaction

The QR code scanning has made in-store and online transactions easy as the users have to just scan the code on their banking app. In addition to this, the use of voice assistance is increasing tremendously as it is considered to be a simple way of connecting various devices and smartphones. Soon fund transfer will also take place with voice assistance. It is predicted by mobile banking app providers that voice payments are going to have a great place in the payment sector. A chatbot is another technology that has become a part of mobile apps. The banks are exploiting this AI-based assistant to help the customers. The Chatbots will answer the questions of the customers without any waiting.

Financial planning 

One of the biggest challenges that are prevailing among many is budget management. Though there are various apps to do that for you, your mobile banking app is the safest option to do that. The app will help you in making the right financial decision and provide witty tips for money management, increase savings, improve investments, and much more.

Mobile banking solution

Finacus, one of the leading mobile banking app solutions providers helps the bank to leverage their consumer behavior and build innovative solutions with their complete mobile banking solution. Our mobile payment transaction switch FinMOBICONNECT, along with the mobile banking solution offers an interoperable infrastructure for banks. The benefits of our Mobile Banking System are

  • Customer engagement
  • Easy, Convenient, Secure
  • Anywhere, Anytime access

Bottom line

This is the perfect time to embrace a robust mobile banking system to manage all your transactions efficiently and meticulously. We as one of the best mobile banking system providers in India will offer you the required information needed when requested for a demo.

Maintain Mobile Banking System Safety Amid The COVID-19 Crisis

Coronavirus or COVID-19 is the new and different kind of shock for the entire world. Never before have modern economies shut down at the drops of the hat and now this crisis period is offering a new experience for the people. All the industries are experiencing circumstances and the banking sector has not escaped. The pressure on the banking system is growing defaults on the debts are imminent these days. The pressure of the banking system is now experiencing a new magnitude as it was in 2008. However, people need to overcome this situation and come out of the situation soon. So, how to maintain mobile banking system safety in this crisis? 

Know about the banking risk 

When you need to escape from some bad times, it is more important to understand the situation. There are some kinds of risks in all small, large industries. Some are seen and some are unforeseen. The government and the regulatory offer you some safety nets and the customers have to understand clearly about them. Make use of these in all forms of mobile banking services and ensure you are handling the banking aspects with safety measures. 

Do not try to change the rules 

These types of crises will likely cause more confusion in the financial sector. So, you need to be prepared to give the banks time to meet the rules if there is any shortfall and hold off on implementing several new initiatives. Some backs might force on maintaining some ongoing operations or it might also increase the difficulties in conducting the operations remotely. So, you need to understand and manage the overall activity of the financial organizations. 

You need to strengthen the communication to know the necessary information 

There are lots of mobile banking solution providers and you can have communication with them. In particular, it is better to have some conversation between supervisors and banks in some unprecedented situations of working remotely with your colleagues, supervisors, and customers. Further, remote the requirements in some key areas like creditor positions, liquidity is enhanced in this crisis, but you need to give operational disruptions, deferring other reporting requirements and fewer materials to assessments of the healthy financial condition. 

Have some loan modifications 

Supervisors could clearly communicate when the banks have to be proactive in rescheduling the loans of the customers. They should also remind the banks about the flexible credit risk management, but temporary, a shock to face the crisis. Accounting bodies have to clarify the auditors how and what modifications have to be taken to view the positive side of the economy and how to recover from it. 

Make use of some buffers

Regulators have to communicate clearly that the capital and liquidity buffers should support and continue with the banking activities. Banks also build some buffers well above the given standard to manage the strain on the current liquidity form several missed repayments. 

The bottom line 

All of the mobile banking app providers and the financial authorities assume that the economic activity could restart later, but it is important to focus on the adverse scenarios. Under more severely strained circumstances, people need to rethink the changes and wise ideas to be implemented for healthy financial moves.

Mobile Banking Apps gain market reach owing to its feasibility

As mobile banking services are becoming more popular, financial organizations are now aiming to hire service providers to have their own apps developed. There are plenty of reasons behind such high popularity of these apps:

Reaching more people every day

The growth of mobile apps can’t be neglected. As the data costs are getting lower and the number of smartphones is increasing, mobile apps are becoming more popular. People rely on their mobile for a large number of tasks. From fixing a schedule to ordering groceries, there is a mobile app for every task. That’s why the need for mobile banking apps was felt.

When an institution releases a mobile banking app of itself, it connects with more customers without putting in much effort. Numerous banks have released their mobile banking apps, through mobile banking app providers in the past few years and the results have been extremely positive. Mobile banking services enable your business to reach more customers. Moreover, downloading and using these apps are easy.

This makes it easier for people to become your customers. They don’t have to undergo any hassle in order to avail your services when you are providing them with digital banking solutions. These apps enable people to find their accounts’ balance, handle transactions and make transfers with ease.

Increasing brand awareness

Mobile banking apps help the respective organizations in boosting their brand awareness. Banks that are entering the digital banking market right now, are able to capitalize on the huge demand for high-quality digital banking solutions.

People want good banking apps so they can make transactions on the go, without facing any difficulties or wasting any time. Providing a mobile app advertises itself on the digital platforms easily. Online advertising helps the institution in reaching new customers and enhancing the popularity of the brand name. It has a broader reach in comparison to offline advertising and so it can help in elevating the number of available customers.

Future growth prospects

The number of mobile banking apps has risen significantly in the past few years. Moreover, the growth prospects of mobile banking apps look quite positive. The users of these apps are increasing rapidly and experts say that the users are only going to increase in the future.

Therefore, institutions are now focusing on taking the help of mobile banking solution providers. These solution providers handle all the technical tasks and ensure that the organization has a high-quality and powerful mobile banking app for its brand.

Conclusion

With the increasing number of users, it is clear that mobile banking apps are going to dominate the banking industry. It is necessary for current organizations to seize this opportunity to grow.